Approach Resources Inc. (AREX) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Approach Resources Inc. (NASDAQ:AREX) from a hold rating to a sell rating in a research report report published on Monday.

According to Zacks, “Approach Resources Inc. is an independent energy company engaged in the exploration, development, exploitation, production and acquisition of unconventional natural gas and oil properties onshore in the United States and Western Canada. The Company focuses its growth efforts primarily on finding and developing natural gas reserves in known tight gas sands and shale areas. The Company currently operates in Texas, New Mexico and Kentucky and has a non-operating interest in Western Canada. “

AREX has been the subject of a number of other reports. Scotiabank set a $3.00 price target on Approach Resources and gave the company a hold rating in a report on Saturday, July 1st. Seaport Global Securities cut Approach Resources from a neutral rating to a sell rating and cut their price target for the company from $3.00 to $0.50 in a report on Wednesday, June 21st. ValuEngine cut Approach Resources from a sell rating to a strong sell rating in a report on Friday, September 1st. BidaskClub cut Approach Resources from a hold rating to a sell rating in a report on Thursday, July 27th. Finally, Imperial Capital assumed coverage on Approach Resources in a report on Friday, August 18th. They issued an in-line rating and a $2.50 price target for the company. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Approach Resources has a consensus rating of Hold and a consensus target price of $3.25.

Approach Resources (NASDAQ:AREX) opened at 2.42 on Monday. Approach Resources has a 12 month low of $1.93 and a 12 month high of $4.33. The company’s market cap is $208.94 million. The company has a 50-day moving average of $2.60 and a 200-day moving average of $2.66.

Approach Resources (NASDAQ:AREX) last released its quarterly earnings results on Wednesday, August 2nd. The energy company reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.02). Approach Resources had a negative net margin of 169.54% and a negative return on equity of 6.84%. The business had revenue of $24.97 million during the quarter, compared to the consensus estimate of $25.86 million. During the same period in the prior year, the firm earned ($0.25) earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. Analysts predict that Approach Resources will post ($0.41) EPS for the current year.

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A number of large investors have recently made changes to their positions in the business. California State Teachers Retirement System bought a new stake in Approach Resources during the 2nd quarter worth about $257,000. State Street Corp raised its holdings in Approach Resources by 2,151.6% during the 2nd quarter. State Street Corp now owns 491,375 shares of the energy company’s stock worth $1,657,000 after purchasing an additional 469,552 shares during the last quarter. Balyasny Asset Management LLC bought a new stake in Approach Resources during the 2nd quarter worth about $910,000. Virtu KCG Holdings LLC raised its holdings in Approach Resources by 182.8% during the 2nd quarter. Virtu KCG Holdings LLC now owns 32,033 shares of the energy company’s stock worth $108,000 after purchasing an additional 20,705 shares during the last quarter. Finally, Parametric Portfolio Associates LLC raised its holdings in Approach Resources by 14.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 53,322 shares of the energy company’s stock worth $180,000 after purchasing an additional 6,781 shares during the last quarter. 24.34% of the stock is owned by hedge funds and other institutional investors.

Approach Resources Company Profile

Approach Resources Inc is an independent energy company. The Company is focused on the exploration, development, production and acquisition of unconventional oil and gas reserves in the Midland Basin of the greater Permian Basin in West Texas. The Company’s business segment is the exploration and production of oil, natural gas liquids (NGLs) and natural gas.

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